As we look for new normal from the pandemic era, we’ve all changed the way we look at homeownership and lifestyle. More and more, individuals are forgoing exotic vacations and using the savings to enhance their residence for vacations close to home. In addition to the home improvement boom, the second home market has also exploded in Minnesota. Owning a second home was once a privilege for the rich and famous, but now even those with a modest income may be able to purchase a second home.
There are some great benefits to owning a second home. The first is enjoyment. Many people buy a second home to get a change of scenery. With more companies offering a work-from-home option, some are individuals are looking at purchasing an urban cabin (condo or loft) or lake homes. When looking for a second residence, high speed internet is high on the list for individuals working for home.
There are financial advantages to buying a vacation or weekend home. A second home might possibly help you save money on your taxes. The mortgage and property taxes of a second home can be deducted from your income (check with your tax accountant) in the same way a primary home is. The property can also be rented out while not in use to provide extra income or pay for the costs of the home.
Owning a second home in Minnesota might be a good option for individuals. Building equity in two properties will build wealth more quickly while providing an alternate location for work or fun.
If you’re looking to buy a condo, a townhome, or a single-family home in the Twin Cities or the surrounding areas, please feel free to contact Shannon Lindstrom, Realtor with RE/MAX Results @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today!
